Sending Money from India to Thailand? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
A wire transfer is one of the most secure and reliable ways to send money overseas. For those in Thailand receiving money from India – be it for education, medical expenses, or family support – a wire transfer is one of the most reliable options. Wire transfers are processed through secure networks like SWIFT, ensuring that your money reaches the recipient safely. To initiate a wire transfer, you’ll need to provide details such as the recipient’s name, bank account number, and the bank’s SWIFT code or routing code.
But here’s the catch: Traditional Indian banks charge high fees of up to ₹2000 and often add a markup of 2–3% on the exchange rate. Why pay more? Platforms like BookMyForex eliminate these extra costs by offering zero transfer fees and lowest rate guarantee for transfers to Thailand. Plus, all transfers are processed via our trusted partner banks, ensuring your money reaches securely and quickly, just like with traditional banks, but at a much lower cost.
Why Indians Transfer Money to Thailand
Under the Liberalized Remittance Scheme (LRS), Indians can remit up to $2,50,000 in a financial year for various purposes. Here are some of the most common reasons why people send money to Thailand:
1. Education: Thailand offers world-class education in fields like hospitality, medicine, and business at low costs. Families often send money to cover tuition fees, living expenses, and accommodation for their children studying in Bangkok or Phuket.
2. Family Support: Living abroad doesn’t mean you’re far from home. Many families in India support their loved ones in Thailand by sending them regular financial aid. This could include helping with monthly expenses, emergencies, or special occasions.
3. Medical Treatment: Thailand is a top destination for medical tourism, with advanced healthcare facilities and affordable treatments. Many Indians travel to Thailand for medical treatments. Sending money is essential to cover hospital bills, consultations, and post-treatment care.
4. Investment in Thai Assets: Thailand offers attractive investment opportunities in real estate, stocks, and businesses. Whether you’re buying property in Bangkok or investing in the Thai stock market, wire transfers are often used to fund these investments.
5. Emigration and Employment: Many Indians moving to Thailand for employment or starting their life there receive funds from India to cover initial relocation costs like housing deposits, local transportation, and setting up essential utilities.
Documents Required for International Money Transfers to Thailand
The documents you’ll need to provide for transferring money to Thailand depend on the purpose of the transfer. For example, if you’re sending money for education, you’ll need to upload an admission letter or form I-20 from the university. For family support, proof of your relationship with the beneficiary may be required.
However, there are two mandatory documents for all transfers, regardless of the purpose:
—PAN Card
—Remitter Photo Cum Address Proof
For a detailed list of documents based on your transfer purpose, visit here
Factors to Consider When Transferring Money to Thailand
1. Exchange Rate: When sending money from India to Thailand, the exchange rate plays a crucial role in how much Thai Baht (THB) the recipient will receive. Even a tiny difference in rates can significantly impact the final amount they receive, hence always compare exchange rates from different service providers. Here’s what you need to know – Banks typically add a markup of up to 2.5% on the exchange rate, whereas BookMyForex offers the lowest-rate guarantee linked to interbank rates. Let’s say someone is transferring 10,000 THB. If the exchange rate offered by a bank is ₹2.7 per THB instead of ₹2.4 offered by BookMyForex, this means your recipient would get ₹3000 more with the better rate.
2. Transfer Fees: Do you know that Indian banks often charge transfer fees of ₹1500 to ₹2000 for wire transfers? Moreover, other popular money transfer platforms charge percentage-based fees and the fees can go as high as ₹8000 for larger transfers! This is where BookMyForex stands out. With zero transfer fees – yes, ZERO – you can save thousands of Rupees on international money transfers. Simply use our promo code “ZEROBANKFEE” when placing your order via BookMyForex.
3. Intermediary and Recipient Bank Charges: When money is sent from India to Thailand, it often passes through intermediary banks before reaching the recipient’s account. These banks deduct processing fees called intermediary bank fees. On top of that, the local Thai bank might charge additional fees for incoming international transfers. It’s essential to choose a transparent platform like BookMyForex that displays all these costs upfront. This way, you and the recipient know exactly how much money will reach their account before the transaction is even initiated.
4. Speed of Transfer: When you need money urgently, whether it’s for tuition fees, medical bills, or business investments, the last thing you want is to wait for days. Unfortunately, transfers through traditional banks can take 3–5 business days to process. On the other hand, platforms like BookMyForex prioritize speed. Most transfers to Thailand are completed within 12 to 48 hours, and for time-sensitive purposes like education, same-day transfers are even available.
5. Security and Compliance: Sending and receiving money internationally can feel overwhelming if you’re unsure about security. This is why it’s essential to opt for a platform that values your trust. BookMyForex uses secure payment gateways and applies document watermarking to keep your personal and financial information safe. Beyond security, compliance is key. BookMyForex operates under regulations set by the Reserve Bank of India (RBI) and adheres to the Foreign Exchange Management Act (FEMA). You can rest assured that every transfer meets the highest standards of reliability and security.
6. Tax Collected at Source (TCS): Here’s another important information! TCS (Tax Collected at Source) applies to all foreign remittances. For education and medical purposes, the tax rate is 5%, while other foreign remittances exceeding ₹7 lakh in a financial year are taxed at 20%. If the transfer amount is below ₹7 lakh, no TCS applies. While TCS might sound like an additional burden, the good news is that it can be claimed as a tax credit during income tax return filings.
